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CBD seeks to redeem loan extended to Abraaj

2019-01-10 11:17:18 GMT (Economies.com)
CBD seeks to redeem loan extended to Abraaj
 

Commercial Bank of Dubai (CBD) stressed that it is working on the redemption of the loan given to Dubai-based Abraaj, adding that it is working on the effective management of securities provided against the loan, according to a bourse statement.

 

Reuters said on Tuesday that CBD, which lent around $170 million to Abraaj, will take stakes in the troubled private equity firm’s funds which were offered as security against the debt, three sources familiar with the matter said.

 

Dubai-based Abraaj, worth $13.6 billion, was the largest buyout fund in the Middle East and North Africa until it collapsed last year following turmoil triggered by a row with investors, including the Gates Foundation, over the use of their money in a $1 billion healthcare fund.

 

Stakes in Abraaj’s Infrastructure and Growth Capital Fund, as well as its funds focused on Turkey, Latin America, North Africa, Africa and health, were held as security against CBD’s loans, a joint provisional liquidators’ report from July shows.

 
 
 
  Symbol Last Change Chg.%
1.1358
-0.0013
0.1117%
1.2684
-0.0056
0.4403%
15.303
-0.038
0.251%
58.867
1.265
2.196%
65.05
0.19
0.29%
1412.620
13.610
0.973%
 
 
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